Balboa Theater lease postponed due to terms of contract

The Newport Beach City Council postponed renewing the Balboa Theater’s lease on Tuesday after Councilwoman Leslie Daigle questioned the terms of the contract. She said giving the Balboa Performing Arts Theater Foundation an option to buy the property from the city might violate state law governing the sale of public assets.

City Attorney Aaron Harp researched the issue, and the council continued its vote until a future meeting.

Since 1998, the city has leased the Balboa Peninsula property to the foundation, which is undertaking a major remodel of the historic building. The foundation has completed its design and will be ready for construction once it raises an additional $1.6 million. Today, it has $800,000 pledged out of $4.8 million needed for construction.

— Mike Reicher

Twitter: @mreicher